S 5422
Retirement Fairness Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Retirement Fairness Act aims to address potential inequities in retirement savings by introducing contribution limits and increased minimum distributions for certain retirement plans with large account balances. Specifically, it establishes a limit on annual contributions to these plans, capped at the excess of the applicable dollar amount over the aggregate balances held by the individual in all retirement plans. It also increases the minimum required distributions for retirees with substantial account balances, aiming to ensure they receive adequate income throughout retirement. Finally, the bill includes provisions for reporting requirements and potential funding through Social Security trust funds.
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